Tech Distributor Avnet Names Next CEO
On July 4, technology distributor Avnet's President and Chief Operating Officer Rick Hamada will take over the CEO role from current Chief Executive Roy Vallee in the final stage of a multiyear CEO succession process, the company announced.
Hamada will also join the distributor's board of directors, effectively immediately. His promotion to CEO will coincide with the beginning of Avnet's next fiscal year this summer. Vallee will continue with Avnet as executive chairman.
"I am very excited about our future and the privilege to lead this great team and company," said Hamada, 53, in a statement. "I look forward to working closely with Roy, our Board and our outstanding global team to deliver on Avnet's key business objectives and commitments for fiscal year 2012 and beyond. I remain personally and deeply committed to accelerating the success of our customers, suppliers, employees and shareholders by maintaining a focus on our performance and values-based culture of excellence and our value-based management approach to managing, investing in and defining profitable growth across the Avnet enterprise."
Hamada joined the company in 1983 as a technical support specialist and over the years moved through the ranks to take on leadership roles in sales, marketing and business development. As COO he was responsible for Avnet's Electronics Marketing and Technology Solutions groups, operating groups and global logistical operations, IT, operational excellence and business innovation. From 2002 to 2006, he served as the president of the Technology Solutions group.
Vallee joined the company 34 years ago, and this year marks his 13th as CEO. He will take on the executive chairman role in July.
"It has been a privilege to serve as Avnet's CEO these past 13 years. With Rick completing his fifth successful year as COO and the business performing well, this is the perfect time for me to transition these duties. I look forward to working closely with Rick and our Board to ensure a seamless transition, while contributing in new ways to the success of Avnet's stakeholders," Vallee said in a statement.